Prices & Performance: Baron Real Estate Fund (BREIX)

Prices

as of 08/03/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$30.29 $0.24 0.80% 0.80% 9.04% 13.53%

Performance

as of 06/30/20

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BREIX - Baron Real Estate Fund - I 29.93% 4.12% 21.17% 10.01% 7.51% 14.88% 13.96% 1.08% 1.08%
MSCI USA IMI Extended Real Estate Index 21.76% -13.30% -5.85% 2.94% 5.84% 10.93% 10.40%
MSCI US REIT Index 11.39% -18.95% -13.92% -1.19% 2.74% 7.74% 7.87%
S&P 500 Index 20.54% -3.08% 7.51% 10.73% 10.73% 13.99% 12.54%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2019

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

Performance Characteristics: BREIX

as of 06/30/20

3 Years 5 Years 10 Years
Standard Deviation (%) 20.85 18.99 17.37
Sharpe Ratio 0.40 0.34 0.82
Alpha (%) 7.13 1.89 3.79
Beta 0.94 0.98 1.00
R-Squared (%) 86.02 83.26 84.49
Tracking Error (%) 7.88 7.77 6.84
Information Ratio 0.90 0.22 0.58
Upside Capture (%) 121.92 109.76 111.85
Downside Capture (%) 93.73 103.72 96.37

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREIX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

NAV $30.29
Daily Change ($) $0.24
Daily Change (%) 0.80%
MTD 0.80%
QTD 9.04%
YTD 13.53%
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BREIX - Baron Real Estate Fund - I MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
QTD1 8.17% 5.60% 4.04% 5.64%
YTD1 12.63% -8.44% -15.67% 2.38%
1 Year 28.66% -2.02% -11.51% 11.96%
3 Years 12.36% 4.77% -0.28% 12.01%
5 Years 8.81% 6.18% 2.44% 11.49%
10 Years 14.83% 10.72% 7.18% 13.84%
Since Inception 14.69% 10.89% 8.21% 13.02%
Expense Ratio2 - Gross 1.08%
Expense Ratio2 - Net 1.08%

*As of 07/31/20

*Annualized as of 07/31/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2019

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

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BREIX - Baron Real Estate Fund - I MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
QTD1 29.93% 21.76% 11.39% 20.54%
YTD1 4.12% -13.30% -18.95% -3.08%
1 Year 21.17% -5.85% -13.92% 7.51%
3 Years 10.01% 2.94% -1.19% 10.73%
5 Years 7.51% 5.84% 2.74% 10.73%
10 Years 14.88% 10.93% 7.74% 13.99%
Since Inception 13.96% 10.40% 7.87% 12.54%
Expense Ratio2 - Gross 1.08%
Expense Ratio2 - Net 1.08%

*As of 06/30/20

*Annualized as of 07/31/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2019

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

as of 06/30/20

3 Years 5 Years 10 Years
Standard Deviation (%) 20.85 18.99 17.37
Sharpe Ratio 0.40 0.34 0.82
Alpha (%) 7.13 1.89 3.79
Beta 0.94 0.98 1.00
R-Squared (%) 86.02 83.26 84.49
Tracking Error (%) 7.88 7.77 6.84
Information Ratio 0.90 0.22 0.58
Upside Capture (%) 121.92 109.76 111.85
Downside Capture (%) 93.73 103.72 96.37

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREIX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 07/31/20

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2019 44.44% 30.21% 24.33% 31.49%
2018 -22.04% -10.73% -5.83% -4.38%
2017 31.42% 18.04% 3.74% 21.83%
2016 -1.75% 8.24% 7.14% 11.96%
2015 -4.42% 2.27% 1.28% 1.38%
2014 16.93% 17.96% 28.82% 13.69%
2013 27.48% 17.44% 1.26% 32.39%
2012 42.99% 27.00% 16.47% 16.00%
2011 0.80% -2.26% 7.48% 2.11%
2010 26.90% 24.81% 26.98% 15.06%

1Not annualized.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted.

2Expense ratios are as of the fiscal year ended 12/31/2019

Record Date 11/25/2019 09/26/2019 11/28/2018 09/24/2018 11/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 12/18/2013 09/25/2013 11/28/2012 11/28/2011 09/07/2011
Ex Date 11/26/2019 09/27/2019 11/29/2018 09/25/2018 11/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 12/19/2013 09/26/2013 11/29/2012 11/29/2011 09/08/2011
Payable Date 11/27/2019 09/30/2019 11/30/2018 09/26/2018 11/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 12/20/2013 09/27/2013 11/30/2012 11/30/2011 09/09/2011
Income $0.0000 $0.0402 $0.0000 $0.0715 $0.0000 $0.0000 $0.0000 $0.0000 $0.0109 $0.0848 $0.0000 $0.0024 $0.0000 $0.0000 $0.0060
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0662 $0.0000 $0.0000 $0.0000 $0.0000 $0.0320 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0056 $0.1930 $0.0000 $0.1110
Long-Term Capital Gain $3.4131 $0.2227 $2.0630 $0.4374 $1.4123 $0.0000 $0.0824 $0.4583 $0.0106 $0.0000 $0.0000 $0.0148 $0.1130 $0.0920 $0.0060
Total $3.4131 $0.2629 $2.0630 $0.5089 $1.4123 $0.0662 $0.0824 $0.4583 $0.0215 $0.0848 $0.0320 $0.0228 $0.3060 $0.0920 $0.1230
Re-Invest NAV $25.99 $26.99 $23.26 $27.50 $29.47 $23.62 $23.60 $24.83 $24.54 $25.67 $21.79 $20.64 $16.92 $11.57 $11.79
Calendar-Yr Return -22.04% -22.04% 31.42% -1.75% -1.75% -4.42% -4.42% 16.93% 27.48% 27.48% 42.99% 0.80% 0.80%

as of 06/30/20

Yields — SCT Shares | BREIX  
Unsubsidized SEC 30-Day Yield 0.18%
Subsidized SEC 30-Day Yield 0.18%
Distribution Yield 0.14%

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”. SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements). SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Portfolio Characteristics

 

as of 06/30/20

Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index
Net Assets$625.84 million
# of Equity Securities / % of Net Assets43 / 95.5%
Turnover (3 Year Average)59.43%
Active Share72.0%
Median Market Cap$8.89 billion$2.05 billion
Weighted Average Market Cap$31.11 billion$62.06 billion
EPS Growth (3-5 year forecast)11.0%8.5%
Price/Earnings Ratio (trailing 12-month)22.721.5
Price/Book Ratio2.21.9
Price/Sales Ratio1.51.9
Current Expense Ratio Date12/31/2019

The Net Assets include all share classes combined.

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

Contributors/Detractors

Quarterly as of 06/30/20

Top Contributors Average Weight Contribution
Penn National Gaming, Inc. 4.19% 4.28%
Lennar Corporation 3.17% 1.80%
GDS Holdings Limited 6.23% 1.68%
Installed Building Products, Inc. 2.69% 1.67%
Lowe's Companies, Inc. 3.02% 1.65%

Source: FactSet PA.

Insights & News: BREIX

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.

Risks: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets as well as by interest rate fluctuations, credit risk, environmental issues and economic conditions. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The MSCI USA IMI Extended Real Estate Index is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund include reinvestment of interest, capital gains and dividends, which positively impact the performance results. Index performance is not fund performance. Investors cannot invest directly in an index.

Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.

Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). All GICS data is provided “as is” with no warranties.  The Adviser may have reclassified/classified certain securities in or out of a sub-industry.  Such reclassifications are not supported by S&P or MSCI.